The Director Termination Letter is a crucial corporate governance document used when a company needs to formally end a director's appointment in Nigeria. It must comply with the Companies and Allied Matters Act (CAMA) 2020 and the Nigerian Code of Corporate Governance 2018. This document is typically issued following a board resolution or shareholders' decision to remove a director, or when a director's appointment needs to be terminated for cause or strategic reasons. The letter serves as official documentation of the termination, outlines the legal basis for the action, specifies the effective date, details any final settlements, and lists required handover procedures. It's essential for maintaining proper corporate records and ensuring a clear transition of responsibilities while protecting both the company's and director's interests under Nigerian law.
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1. Company Letterhead and Date: Official company letterhead with registered address and current date
2. Director's Full Details: Full name and address of the director being terminated
3. Reference Line: Subject line clearly stating 'Termination of Directorship'
4. Board Resolution Reference: Reference to the board meeting or resolution authorizing the termination
5. Termination Statement: Clear statement of the termination decision and effective date
6. Legal Basis: Reference to relevant provisions of CAMA 2020 or company's articles of association
7. Immediate Actions Required: List of immediate actions the director must take, including handover of company property
8. Final Settlements: Details of any final payments or settlements due
9. Company Secretary Signature: Signature block for the Company Secretary or authorized officer
1. Reason for Termination: Include only if legally required or strategically beneficial to state the reason
2. Ongoing Projects Handover: Include if there are specific projects requiring formal handover
3. Non-Compete Reminder: Include if there's an existing non-compete clause to be enforced
4. Confidentiality Obligations: Include if there are specific confidentiality terms to be emphasized
5. Legal Claims Waiver: Include if there's a mutual agreement to waive future legal claims
6. Reference Provision: Include if there's an agreement about providing future references
7. Share Options/Holdings: Include if there are share-related matters to be addressed
1. Schedule A - Company Property List: Detailed list of company property to be returned
2. Schedule B - Final Settlement Calculation: Breakdown of any final payments, including director's fees, benefits, or compensation
3. Schedule C - Ongoing Commitments: List of any continuing obligations post-termination
4. Appendix 1 - Handover Document: Template or checklist for the handover process
5. Appendix 2 - Resignation Letter Template: If resignation is requested as an alternative to termination
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Manufacturing
Technology
Real Estate
Energy
Healthcare
Retail
Telecommunications
Agriculture
Mining
Construction
Transportation
Education
Professional Services
Entertainment
Hospitality
Relevant Teams
Legal
Corporate Secretariat
Human Resources
Compliance
Board Secretariat
Corporate Governance
Executive Office
Administration
Relevant Roles
Company Secretary
Legal Counsel
Board Chairman
Managing Director
Chief Executive Officer
Human Resources Director
Compliance Officer
Corporate Governance Officer
Director
Board Member
Executive Director
Non-Executive Director
Independent Director
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